Condo Insurance - 20% Of Purchase Price?

his association fees should cover the outside of the building

i think they just call it a condo policy

I wouldn't say it is a standard percentage, because all condos have seperate insurance policies/coverage. As said above, you would need to see a copy of the buildings policy.

But it will be less than home insurance obviously because your exterior insurance is covered by HOA fees.

Our condo insurance covers both the outside AND insides including anything attached (cabinets, etc.) and upgrades (wood floors, granite) and appliances. The association officers were clueless and just always told people outsides were covered. You should talk to the agent. The catch is that there is a $5000 deductible for the association coverage, so I still maintain a good amount of coverage on the dwelling at a $500 deductible (probably close to 35%) because it is cheap and so I'm not so beholden to decisions made by clueless HOA officers. I also have contents, loss assessment, a good amount of liability (just in case my negligence causes damage to all units somehow), and jewelry rider.

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TimeAndTide

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I have a watch, how much should I insure it for?

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Also, sometimes the association pays the primary ins coverage from our dues but initially we paid the premium via assessment in dec. each year in addition to our dues. And the condo hurricane deductible is 1% of the value of each building, not each unit, so that might be a hefty assessment. Thankfully our HOA has a good amount of bank for times like that. Our dues are more than double than identical complex across the street but we are in much better shape to handle damage and repairs without major assessments.

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Hopefully this varies for each condo association - that sounds freaking complicated!